#TariffsPause What does Trump's tariff pause mean for global trade?

There has been a historic upheaval in American trade policy.

The announcement of Donald Trump's so-called "reciprocal tariffs" on 2 April - what he called "liberation day" - sent a shockwave through the global trading system and financial markets.

And the President's 90-day pause on some of these tariffs on 9 April set off a relief rally in stock markets.

But where has the rollercoaster of new US tariff announcements - and partial reversals - actually left the situation?

And what will it all mean for global trade?

What does the pause mean?

The announced pause only applies to some of the new tariffs - taxes on imports - that Donald Trump announced on 2 April.

The new minimum 10% tariff rate, which came into effect on Saturday 5 April, is still in place for goods coming from all countries, including the UK.

There are exemptions for pharmaceuticals and microchips and some other items.

But that 10% tariff in itself is a major change in America's trading relations with all other countries.

And for China, the rate will not fall at all but will be hiked further to 125%, plus another 20% linked to the drug fentanyl.

Nevertheless, the pause means the rates above 10% for 59 other territories will be suspended until July.

That includes 46% on Vietnam, 44% on Sri Lanka and 20% on the European Union.

What about Trump's other tariffs?

Numerous other tariffs Trump has announced since returning to the White House remain in place and are not affected by the pause.

That includes:

25% tariffs on all car imports to America, including from the UK

25% tariffs on steel and aluminium imports, including products made from these metals

25% tariffs on many imports from Mexico and Canada.

In big picture terms, economists warn the extent to which the pause actually changes the direction of overall US trade policy should not be exaggerated.

Bloomberg Economics has calculated the US's average tariff on all its imports was set to go to 27% before the pause, the highest in more than 100 years.